Indian Equity Markets Poised for Higher Open on June 4

4 Jun 2024 , 07:49 AM

The benchmark Sensex and Nifty indices are expected to open higher on June 4, influenced by positive trends in the GIFT Nifty. The GIFT Nifty was trading 110.5 points higher than the Nifty 50 close, signalling a gap-up opening for the day. As of 06:50 am IST, Nifty futures were trading at 23,577.50.

June 3 performance recap

On June 3, the Indian equity markets surged by over 3%, marking the biggest single-day gain in three years. This rally was driven by exit poll results predicting a significant victory for the BJP-led NDA in the general elections. The Sensex closed up by 2,507.47 points, or 3.39%, at 76,468.78, while the Nifty ended 733.20 points, or 3.25%, higher at 23,263.90.

International markets:

Despite a strong start to June, Asian markets opened lower on Tuesday as investors await the final results of India’s general elections. In the US, the S&P 500 and the Nasdaq edged higher during a choppy session on Monday. This came amid soft manufacturing sector data and a brief trading halt on the NYSE caused by a technical glitch affecting dozens of equities.

Institutional activity

Foreign institutional investors (FIIs) continued their buying spree on June 3, purchasing Indian equities worth ₹6,850.76 Crore. Domestic institutional investors (DIIs) also showed confidence in the market, buying equities worth ₹1,913.98 Crore.